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PNB Housing Finance share price jumps 20 per cent to hit a upper circuit of Rs 525.20 on BSE after the company said its Board has approved a capital raise of up to Rs 4,000 crore, led by entities united to American private equity firm Carlyle Group Inc. Pluto Investments, an entity of Carlyle Asia Partners had agreed to invest up to Rs 3,185 crore through a special allotment of equity shares and warrants at a price of Rs 390 a share, the company said in the BSE.
“Existing shareholders of the company, funds managed by Ares SSG and General Atlantic, are also participating in the capital raise. PNB will continue to be the promoter and a key stakeholder in the company,” it added in the statement.
The transaction is tied to usual regulatory approvals as well as shareholder approval. According to the Securities and Exchange Board of India’s Takeover Regulations, the proposed transaction will trigger a mandatory open offer by Pluto Investments for the purchase of up to 26 per cent equity shares of PNB Housing Finance from public shareholders, the bank further added.
The stock was trading at Rs 525.20, up Rs 87.50, or 19.99 percent, at 14:46 hours. It has touched a 52-week high of Rs 525.20 and 52-week low of Rs 172.35 on the BSE. There were pending buy orders of 374,737 shares, with no sellers available.
